Northern Oil and Gas(US:NOG) ZACKSยท2024-11-04 13:25Core Viewpoint - Northern Oil and Gas, Inc. (NOG) is expected to report third-quarter results on November 5, 2024, with earnings estimated at $1.16 per share and revenues at $536.47 million [1]. Group 1: Previous Quarter Performance - In the last reported quarter, NOG's adjusted earnings per share were $1.46, exceeding the Zacks Consensus Estimate of $1.20, while revenues reached $561 million, surpassing the estimate of $538 million [3]. - NOG has beaten the Zacks Consensus Estimate in two of the last four quarters, with an average surprise of 7.36% [4]. Group 2: Third Quarter Estimates - The Zacks Consensus Estimate for third-quarter earnings has seen two upward and four downward revisions in the past 30 days, indicating a 32.95% year-over-year decrease, while revenue estimates show a 4.85% increase from the previous year [4]. - Revenue is projected to increase to $529.9 million from $511.7 million year-over-year, primarily driven by a 4.5% growth in oil revenues from $464.8 million [6]. Group 3: Cost Considerations - NOG's total operating expenses for the third quarter are expected to be $359.4 million, a 32.3% increase from the previous year, with production expenses rising from $82.5 million to $106.9 million [7]. - Depletion, depreciation, amortization, and accretion expenses are anticipated to increase from $133.8 million to $191.0 million during the same period [7]. Group 4: Earnings Prediction Model - The Zacks model does not predict a definitive earnings beat for NOG, as the Earnings ESP is 0.00% [9]. - NOG currently holds a Zacks Rank of 3, indicating a hold position [10].